Economy, Business And Markets

IME’s Weekly Report

IME’s Weekly ReportIME’s Weekly Report

The Iran Mercantile Exchange (IME) played host to almost 518,257 tons of various commodities, worth close to 7 trillion rials on the spot market throughout the past week, which ended January 8, IME’s public relations and foreign affairs reported.

On the local and export industrial and mining trading floor, 297,656 tons of different commodities, valued more than 3.8 trillion rials were traded; including 181,360 tons of various steel sections, 100 tons of iron ore, 12,370 tons of copper, 3,660 tons of aluminum, 100 tons of molybdenum sulfur, 160 tons of zinc, and 6 tons of precious metals concentrate.

The oil and petrochemical trading floor played host to about 220,000 tons of commodities, worth more than 3.18 trillion rials. Some 75,000 tons of bitumen, 28,000 tons of polymers, 70,500 tons of vacuum bottoms, 22,000 tons of lube-cut oil, 22,532 tons of chemicals, 1,780 tons of sulfur, and 200 tons of roof insulation were reportedly traded there.

Close to 100 tons of corn, as well as 225 tons of cubic sugar were the only commodities traded on the agricultural trading floor during the IME’s five working days.

 Tabriz Trading Hall

Meanwhile, a fourth local IME trading hall is about to be launched in the northwestern city of Tabriz in the upcoming month (starting January 21), said IME deputy head Ali Panahi.

The license has already been issued for the new establishment, which is aimed at helping manufacturers and suppliers to have access to the financial instruments in the industrial province of East Azerbaijan, Panahi said, adding that the IME is determined to facilitate and expand trade across the country.

Similar licenses have been previously issued for three other provinces of Khorasan-e-Razavi, Gilan and Golestan.

“When it comes to trade through the mercantile exchange, quality, quantity, and payment is guaranteed,” Panahi said.

Speaking on East Azerbaijan’s industrial developments he said: “Giant industrial complexes in the province have turned it into a key industrial hub in Iran.”

When it comes to mining, petrochemical and food products like nuts, fruits and honey, East Azerbaijan has a lot to offer. Therefore, the establishment of IME’s new trading hall could have numerous benefits for suppliers and customers alike, Panahi remarked.